In the Midwest, where homes are very affordable and where home prices have risen much slower than the national average, sales are more dependent on job growth in the overall economy.
More Quotes from Lawrence Yun:
You're seeing two separate markets. One is in the coastal regions where you're seeing a substantial decline in home sales. The second is in the middle part of the country, in the affordable regions, where the job market is more important than interest rates.Lawrence Yun
I am confident in saying Atlanta will continue to see growth over the next year. The Atlanta area is less sensitive to changes in the housing market right now.
Lawrence Yun
The supply of homes is very tight for new and existing homes. We will continue to see healthy home-price appreciation. For non-home owners, that's bad news. But for home owners, that's building wealth.
Lawrence Yun
Sellers are stubborn. It takes a long time for sellers to adjust their expectations.
Lawrence Yun
Our experience says prices do not go down when there's job creation in the local economy. In local markets where they are flat on jobs, they could see prices decline. But we're projecting 2.3 million new jobs this year. The job market is providing a buffer. It's a counter force to rising rates.
Lawrence Yun
The market clearly has some legs left. Buyers who were sitting on the fence, hoping mortgage rates would decline, have decided to make the move now.
Lawrence Yun
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